The Japanese Yen continues to draw support from expectations for a hawkish BoJ pivot. Bets for a June Fed rate cut undermine the USD and further exert pressure on USD/JPY. An upward revision of Japan’s Q4 GDP print contributes to the offered tone on Monday. The Japanese Yen rallied to the highest level since early February against its American counterpart on Friday amid bets for an imminent shift in the Bank of Japan's policy stance.
2% Fibonacci retracement level of the December-February rally before positioning for further losses. Some follow-through selling below the 200-day SMA, currently pegged near the 146.30-146.25 region, will reaffirm the negative bias and drag spot prices below the 146.00 round figure, towards the 50% Fibo. level, around the 145.60 zone. On the flip side, any meaningful recovery attempt beyond the 147.
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